This news should help. I just bought back my IPO shares that I sold at 31. I use Market Speed and find that it works about 1/2 the time. As far as executions go, DLJ sends the order very quickly, the problem is their quote servers are really bad and you are placing trades without knowing where the market really is, that is why I am going to subscribe to a Level 2 quote provider and keep DLJ. $20 for up to 5,000 shares is good enough for me. I don't trust many of the other fly by night outfits.
JERSEY CITY, N.J.--(BUSINESS WIRE)--Feb. 29, 2000--DLJdirect
(NYSE: DIR.N), the online brokerage service of Donaldson, Lufkin &
Jenrette, Inc. (NYSE: DLJ.N) and Hutchison Whampoa Limited ("Hutchison")
today announced that the two companies have entered into a joint
venture agreement to expand DLJdirect's online investment service
throughout Asia to Hong Kong and mainland China, Thailand, Singapore,
Malaysia, the Philippines, Taiwan and Indonesia. DLJdirect currently
offers online investment services in the United States, United Kingdom
and Japan.
Under the terms of the agreement, a 50-50 joint venture company
will be created to launch and manage the online investment service.
DLJdirect will provide expertise in financial services, technology,
and operations to the new company, while Hutchison will contribute its
strong brand and leverage its extensive customer base, global data
centre, call centre and WAP telecom capabilities, as well as its
rapidly developing Internet platform to benefit the new company. The
new company will provide access to U.S. markets in all countries as
well as local markets and products.
The new company is expected to launch its services for stock
trading later this year.
Citing the growing expansion of online investing worldwide, Blake
Darcy, Chief Executive Officer of DLJdirect, said, "Retail investors
throughout the world are better informed and more sophisticated as a
result of the Internet than at any other time in history. DLJdirect is
pleased to join with Hutchison to bring online investing to the Asian
markets, and we believe the combined expertise and resources of our
organizations will enable us to provide a superior array of products
and services to self-directed investors throughout the region. This
new relationship compliments our very successful partnership in Japan
with Sumitomo and brings us closer to our goal of developing a global
trading platform."
Hutchison Whampoa Group Managing Director Canning Fok remarked,
"We are pleased to be partnering DLJdirect, which is one of the
largest, and most established online investment services providers in
the United States, with a market capitalization of approximately US$1
billion.
"We believe that there is tremendous potential for online
investment services in this region. It is expected that up to 40 to 50
per cent of current retail trade volumes could switch to the online
business, as experienced in South Korea and Taiwan, which are to date,
probably the most advanced online trading markets in Asia and the
world.
"With a powerful combination of DLJdirect's innovative
technologies and products, and Hutchison's telecommunications and
Internet infrastructure, and extensive customer network, I am
confident that the joint venture can successfully capture this rapidly
developing online investment business in Hong Kong and elsewhere in
Asia."
DLJdirect has been the award-winning leader in online investing
for over ten years and now services over 800,000 online customer
accounts, and holds approximately US$22 billion in customer assets.
The company conducts an average of 30,500 trades per day and is the
only online brokerage that offers top-level research from Wall Street
powerhouse Donaldson, Lufkin & Jenrette to the self-directed online
investor.
Another unique advantage offered by DLJdirect is the wireless
access to news, price information through customer's pager, cellular
phones as well as trading services via PDA (both Palm and Windows CE).
In addition, the company provides round-the-clock call service centre
to assist customers.
Hutchison Whampoa is a conglomerate with a market capitalization
of over US$61 billion. Among its many businesses, it is one of Asia's
largest owners and operators of Internet and telecommunications
infrastructure offering a wide range of related services. These
include fixed-line services, ISP and ICP services, Web hosting
services, fiber optics broadband networks, mobile telephone data and
internet services, paging, trunked mobile radio, VSAT and radio
broadcasting services.
Background
Hutchison Whampoa is a Hong Kong-based conglomerate with origins
dating back to the 1800s. Hutchison is part of the Li Ka-shing group
of companies, which together represent 16% of the total market
capitalisation of the Hong Kong stock market. In 1998, consolidated
turnover was over US$6.6 billion, and after-tax earnings were
approximately US$1.1 billion.
Hutchison's Internet related operations have been growing
rapidly. The Company has teamed up with Global Crossing to further
expand its global connectivity and to pursue fibre optic broadband
network opportunities in the Greater China Region. Cooperation with
NTT DoCoMo, which owns 19% of Hutchison's mobile communications
businesses in Hong Kong offers its customers advanced mobile Internet
opportunities. Hutchison is also a part of iBusiness Corporation.com,
a joint venture with its parent company Cheung Kong (Holdings)
Limited, the Hongkong and Shanghai Banking Corporation Limited, and
Hang Seng Bank to facilitate e-commerce businesses on the Internet.
The Company has recently entered into an alliance with Priceline.com
to introduce the buyer-driven e-commerce system to Asia.
With over 80,000 employees worldwide, Hutchison operates five
core businesses in 26 countries: ports and related services;
telecommunications and Internet; property and hotel development and
investments; retail, manufacturing and other services; and energy and
infrastructure.
DLJdirect is one of the world's premier online brokerage firms.
Established in 1988, DLJdirect offers a diversified range of
investment products and services to sophisticated, self-directed
investors. DLJdirect has more than 800,000 customer accounts
representing over $22 billion in assets. Headquartered in Jersey City,
N.J., with offices in Parsippany, N.J., Charlotte, N.C., London,
Tokyo, and Dubai, DLJdirect employs approximately 900 people.
DLJdirect common stock trades on the New York Stock Exchange under the
ticker symbol "DIR." For more information on DLJdirect, visit the
company's Web site at www.DLJdirect.com.
Donaldson, Lufkin & Jenrette (DLJ) is a leading integrated
investment and merchant bank serving institutional, corporate,
government and individual clients. DLJ's businesses include securities
underwriting; sales and trading; investment and merchant banking;
financial advisory services; investment research; venture capital;
correspondent brokerage services; online, interactive brokerage
services; and asset management. Founded in 1959 and headquartered in
New York City, DLJ employs approximately 10,200 people worldwide and
maintains offices in 13 cities in the United States and 16 cities in
Europe, Latin America and Asia. The company has two classes of common
stock trading on the New York Stock Exchange. Shares trading under the
ticker symbol "DLJ" represent Donaldson, Lufkin & Jenrette, Inc.
Shares trading under the ticker symbol "DIR" track the performance of
DLJdirect, its online brokerage business. For more information on
Donaldson, Lufkin & Jenrette, refer to the company's Web site at
www.DLJ.com. The firm's world headquarters are located at 277 Park
Avenue, New York, NY 10172.
--30--db/ny*
CONTACT: Press Contacts:
DLJdirect Inc., Jersey City
Linda Finnerty, 201.308.3187
lfinnerty@DLJdirect.com
or
Hutchison Whampoa Ltd.
Laura Cheung, 011.852.2128.1289
laurac@hwl.com.hk
or
Investor Contact:
Donaldson, Lufkin & Jenrette, New York
Kevin Zuccala, 212.892.4693
ir@DLJ.com
KEYWORD: NEW JERSEY NORTH CAROLINA NEW YORK INTERNATIONAL ASIA
PACIFIC EUROPE AFRICA/MIDDLE EAST
INDUSTRY KEYWORD: INTERNET TELECOMMUNICATIONS E-COMMERCE BANKING
COMPUTERS/ELECTRONICS NETWORKING MARKETING AGREEMENTS
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